TORONTO, Sept. 5 /CNW/ - Micromem Technologies Inc. (OTC BB: MMTIF)
announces that it has raised $712,250 in a series of arms' length and
non-arms' length private placements. These private placements were subscribed
for during the Company's second and third fiscal quarters and the shares
issued are subject to Rule 144. These funds are being used to further advance
the Company's technology and to fund additional business development
initiatives. In addition, the Company announces that all the issued and
outstanding warrants pursuant to a private placement completed in April, 2005
have been exercised in full.
The Board of Directors of the Company has approved employment contracts
for Joseph Fuda as Chief Executive Officer, Dan Amadori as Chief Financial
Officer and Steven Van Fleet as President of Micromem Applied Sensor
Technologies, Inc., the Company's wholly-owned subsidiary. In addition to the
employment contacts, the Company has entered into a consulting agreement with
DAL Consulting Services whose shareholder, Henry Dreifus, is a Company
As part of the employment contracts, a total of 700,000 stock options
were granted. These options vest over a period of 12 months. 75,000 options
were granted to employees of DAL Consulting Services with the same vesting
provisions. A further 200,000 stock options were granted directly to Henry
Dreifus; the vesting provisions on these options are tied to the achievement
of defined revenue milestones by the Company. Finally, the Company has granted
a total of 425,000 stock options to outside directors and employees of the
Company, which options vest over a period of 12 months. The strike price in
all cases is $1.50 per share.
Listing: NASD OTC-Bulletin Board - Symbol: "MMTIF"
Shares issued: 82,323,779
SEC File No: 0-26005
About Micromem Technologies Inc.
Micromem Technologies, Inc. (www.micromeminc.com) is focused on the
development of magnetic random access memory (MRAM) and sensor technology.
Statements in this news release that are not historical facts, including
statements about plans and expectations regarding products and opportunities,
demand and acceptance of new or existing products, capital resources and
future financial results are forward-looking. Forward-looking statements
involve risks and uncertainties, which may cause Micromem's actual results in
future periods to differ materially from those expressed or suggested herein.
These uncertainties and risks include, without limitation, the inherent
uncertainty of research, product development and commercialization, the impact
of competitive products and patents, our ability to fund our current and
future business strategies and respond to the effect of economic and business
conditions generally as well as other risks and uncertainties detailed from
time to time in Micromem's filings with the Securities & Exchange Commission.
There can be no guarantee that Micromem will be able to enter into any
commercial arrangements on terms that are favorable to it, or at all. For more
information, please refer to Micromem's Annual Report on Form 20-F and its
Form 6-Ks as filed with the U.S. Securities and Exchange Commission. Micromem
is under no obligation (and expressly disclaims any obligation) to update or
revise any forward-looking statements whether as a result of new information,
future events or otherwise.
For further information:
For further information: Jason Baun, Chief Information Officer,